It is a requirement of our professional body that we provide an Engagement Letter to our clients.  Should we have not provided you with a copy of our Engagement Letter the terms of our engagement are as follows:-

This letter is to confirm our understanding of the terms of our engagement and the nature and limitations of the services that we provide to you.

Purpose, Scope and Output of the Engagement
This firm will provide taxation and accounting services as required, which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB). The extent of our procedures and services will be limited exclusively for this purpose only.  As a result, no audit or review will be performed and, accordingly, no assurance will be expressed.  Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist.  However, we will inform you of any such matters that come to our attention.

Income Tax returns and Financial Statements will be prepared for distribution to the business owners and the Australian Taxation Office for the agreed purpose.  There is no assumption of responsibility for any reliance on our reports by any person or entity other than yourself and those parties indicated in these reports. The reports shall not be inferred or used for any purpose other than for which it was specifically prepared.  Accordingly, our reports may include a disclaimer to this effect.

Responsibilities
In conducting this engagement, information acquired by us in the course of the engagement is subject to strict confidentiality requirements.  That information will not be disclosed by us to other parties except as required or allowed for by law, or with your express consent.

We wish to draw your attention to our firm’s system of quality control which has been established and maintained in accordance with the relevant APESB standard.  As a result, our files may be subject to review as part of the quality control review program of CPA Australia which monitors compliance with professional standards by its members.  We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. Should this occur, we will advise you.

Clients are required to arrange for reasonable access by us to relevant individuals and documents and shall be responsible for both the completeness and accuracy of the information supplied to us.

Limitation of Liability
Our liability is limited by a scheme approved under Professional Standards Legislation.  Further information on the scheme is available from the Professional Standards Council’s website http://www.professionalstandardscouncil.gov.au

Spam
We do not send out any kind of material that can be construed to be spam.  However, we occasionally send out newsletters from time to time to advise clients of relevant updates.  We will send these e-mails to you unless you notify us otherwise in writing in which case we cannot and will not be held responsible for any loss you may suffer as a result of not receiving our global e-mails.

Privacy Act
Whilst we are not subject to the provisions of the Privacy Act, your information is kept secure and not divulged to anyone other than banks, finance companies, Centrelink and the like in which case your prior permission is sought.

No Financial Planning Advice
We are accountants and are therefore prohibited under law from giving financial planning advice.  Accordingly, our staff are under strict instructions not to issue financial planning advice.  If you feel as though you have received financial planning advice, we request that you not act upon it and to contact Lloyd Palmer.  Please note that Lloyd Palmer in addition to being a CPA is also a licensed financial planner via Quadrant Securities (Mt Waverley) and will only issue financial planning advice after issuing a Financial Services Guide and complying with all other requirements.

Professional Fees and Payment
The fee is based on the amount of time and the level of staff required to complete the Income Tax returns, Financial Statements and reports as agreed.  This fee will be subject to change if the following circumstances should occur: extra work is agreed to between us, unexpected problems occur that require extra time to rectify, new rules are brought in by any governing bodies that your business requires our assistance to comply with or your business grows in size or complexity and requires extra work to be done because of this.

Invoices will be raised at either the completion of the Job or at month end.  Payment of invoices is required within 14 days from the date of the invoice unless alternative arrangements have been made.

Ownership of documents
All original documents obtained from our clients arising from the engagement shall remain the property of the client.  However, we reserve the right to either scan or make copies of the original documents for our records.

Our engagement will result in the production of Income Tax returns, Financial Statements and reports as required.  Ownership of these documents will vest in you.  All other documents produced by us in respect of this engagement will remain the property of the firm.

The firm has a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute.  The firm has also established dispute resolution processes.

Quality Assurance Program
Our accounting body CPA Australia requires all members holding public practice certificates to undergo a compulsory review of their practice every five years.  The program is designed to ensure Accountants have in place adequate internal control procedures to ensure all work is completed properly and in a timely manner.  In reviewing an accountant’s procedures, the reviewer needs to review client’s files.  Confidentiality is assured and evidenced in writing.  When it comes time for our practice to be reviewed again, your participation in such a review would be greatly appreciated.

Confirmation of terms 
Please sign and return a copy of this letter to indicate that it is in accordance with your understanding of the arrangements.  This letter will be effective for future years unless we advise you of any change.  If the contents are not in accordance with your understanding, we would be pleased to receive your comments and to give you any further information you may require.

Agreement with terms of engagement
I/we understand and agree to the terms of engagement of Palmer Newman Ricardo Pty Ltd.  I/we acknowledge and warrant that I/we accept personal liability for the full cost of services should the entity(ies) be unable to pay.




Yours sincerely,


LLOYD PALMER/DARREN RICARDO
PALMER NEWMAN RICARDO PTY LTD.

Acknowledgement for and on behalf of: